Senators Seek To Amend Bitcoin Reporting Changes In Infrastructure Bill
A bipartisan team of US senators is introducing a bill to clarify what entities should report cryptocurrency transactions to the IRS.A bipartisan team of U.S. senators is introducing a bill to restrict tax reporting rules present in the infrastructure bill, which is set to become law today.The infrastructure bill’s text extends cash-focused section 6050I to contemplate cryptocurrency transactions.“The new bill includes a provision that would make it retroactive to the infrastructure bill’s signing,” Bloomberg reported.U.S. senators Ron Wyden, chairman of the Senate Finance Committee, and....
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Anna Eshoo has urged the House to amend the language in the controversial infrastructure bill. A Californian congresswoman has written to Speaker Nancy Pelosi expressing concerns about the controversial new mandate for crypto tax reporting.Anna Eshoo, who represents California's 18th Congressional District, penned a letter to the Democratic party speaker of the United States House of Representatives, Nancy Pelosi, on Aug. 12.In it, she urged Pelosi to amend the cryptocurrency broker definition in the Senate’s controversial infrastructure bill. Eshoo claims that miners, validators, and....
The Keep Innovation in America Act seeks to repeal the reporting requirements of the infrastructure bill and clarify the meaning of “broker.”
Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Senators, Treasury Department Agree on Compromise Amendment for Crypto Reporting Requirements The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Monday that Senators Pat Toomey (R-Pa,) Mark Warner....
Senate talks regarding the controversial crypto provisions to the U.S. infrastructure bill have ended without amendment, suggesting the original bill will be voted on come Tuesday. The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation, and will impose broad third-party reporting requirements on any crypto firm deemed to comprise a “broker.”On August 9, general counsel to Compound Finance, Jake Chervinsky, tweeted that the Senate had voted 68 in favor to 29 against ending debate surrounding the provisions, halting discussions until....
The Republican lawmaker from Wyoming has been a vocal supporter of Bitcoin and blockchain technology in Congress. United States Senator Cynthia Lummis, a Republican from Wyoming, has revealed that she purchased Bitcoin (BTC) worth between $50,001 and $100,000 on Aug. 16, according to documents filed on Thursday. The disclosure was part of the Stop Trading on Congressional Knowledge, or STOCK, Act, which prohibits the use of non-public information for profit. The STOCK Act was signed into law under the Obama administration in April 2012 and is designed to combat insider trading. As CNBC....